HSBC Plans Up to $3 Billion in Cost Cuts

By

Margot Patrick

Updated May 15, 2013 3:58 a.m. ET

LONDON—HSBC Holdings PLC said Wednesday it will cut another 14,000 jobs across its global empire as part of an effort to improve shareholder returns and adapt to a tougher regulatory and economic landscape.

Chief Executive Stuart Gulliver said the job losses will help the bank save up to $3 billion a year, adding to the $4 billion already removed from annual costs since he laid out a new strategy for the bank two years ago. That initial attack on costs led to the elimination of around 46,000 jobs, as HSBC sold or closed...